Why you should talk about life insurance with your partner
Life insurance isn’t the sexiest topic, but couples shouldn’t ignore it
Talking about life insurance can be a big downside. We often think of it only in the wake of tragedy, disaster, and the loss of our loved ones, so willingly choosing to speak out about your own inevitable death can be extremely uncomfortable. But the point is, life can throw some really unpredictable curves at us when we least expect it, so the conversation about life insurance is very important to have with your wife, husband, or long term partner. (And the sooner the better.)
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You might have tried to broach the subject before, but it only led to arguments and awkwardness. Or maybe you’ve avoided the topic altogether. After all, not only is money a hot topic to begin with, but combine that with the sweat-inducing thought of planning for death and, yes, life insurance is pretty much the last thing anyone wants. think. The good news is that while the “talk” about life insurance can be difficult, it doesn’t have to be.
How do we know? Well, we spoke to Jessica Lepore, founder of Surevested, an innovative AI-powered life insurance search engine with transparent results (and no pushy salespeople!) That helps connect people with thousands of life insurance policies from the best carriers.
“Talking about life insurance is not usually the most romantic subject to discuss between partners, especially those who are young and in good health, and even more for those who have just joined,” says Lepore. “However, discussing life insurance is really one of the most important conversations you should have and one that you probably didn’t think you needed to have so soon.”
Bankrate reports that 38% of millennials even avoid considering life insurance coverage because they think they won’t qualify, while 42% think a policy would be too expensive. In fact, Millennials estimate that a $ 250,000 term life insurance policy for a young, healthy person would cost at least $ 1,000 per year. However, in reality, it could actually be as low as $ 160 per year!
That’s why we’re shining a light on what might otherwise be a dark enough topic to show you why life insurance is one of the most important purchases you’ll ever make, and how you and your partner can start the conversation. without it being weird. or any “Doom and Gloom” either.
First, why is life insurance important?
No one wants to think about their own mortality or that of those close to them. Forgive our French, but frankly, it’s a fucking disappointment. But for a moment, think about how overwhelming it would be to lose your partner, then imagine having to worry about growing financial burdens on top of that loss. Or, vice versa, imagine your partner having to go through it all, alone, after losing you.
Sharing your life with another person often also means sharing your house, your bills, your children, your pets … the list goes on. Could any of you afford all of this on your own?
For most people, the answer is, “No, no luck!” Resounding and revealing! But having life insurance can really alleviate these money problems for a period of time after the loss, including mortgage payments or rent, tuition, student loan bills, funeral costs and laundering. myriad of other living expenses that life imposes on us.
“Far beyond a simple payout policy, life insurance is the ultimate peace of mind and security for the people who matter most to you,” says Lepore. “No amount of money can replace your loved one, but removing the financial burden that quickly arises if something were to happen to either partner will make all the difference.”
In summary, having the foresight to get life insurance would give you or your partner one less thing (okay, several things) to worry about in addition to the pain of loss. It’s kind of like the very last gift you can give yourself, and as Leopre adds, it will keep them going when you’re not around.
When and how to talk to your partner about life insurance
Once you separate the idea in your mind that life insurance is more about focusing on the family left behind than dwelling on death, Lepore postulates that talking about it really isn’t. different from conversations you would have with your partner around other financial topics, such as joint savings accounts or retirement plans. You may feel like there isn’t a “right” time to talk about it, so you might as well step in by blocking out a few hours on an unloaded weekend to research and review plans. Or, you may finally realize its importance and value after a major life event, such as getting married, buying a house, or having children, although these steps are by no means prerequisites for obtaining a job. life insurance.
“It’s a common misconception that you only need life insurance if you’re married or have kids,” Lepore notes. “While these are two really important financial commitments you make, there are so many other important reasons why this kind of protection is essential.”
She suggests bringing up the topic of life insurance anytime you and your partner are both contributing to a payment, like a rent or a mortgage. By comparing your income to what you spend on non-negotiable financial commitments, it will become clear that what you can afford together probably wouldn’t be easy if one of you were forced to do it alone. And now would be a great time to include a mention of life insurance and its benefits in the event of a loss.
“I know how intimidating this conversation can seem,” Lepore admits. “[But] I can list a million reasons why buying life insurance really is the most important purchase you can make. “
No matter how you finally get into “the conversation,” Lepore recommends that couples start the life insurance conversation as soon as possible, especially given that the premium amount increases from eight to ten percent for each year of age (on average), according to Bankrate.
and that they research it thoroughly to find the one that best suits their needs and means.
How to start looking for life insurance
So you’ve talked to your partner and convinced them that life insurance is the next big step in your relationship. And now?
“The majority of people don’t know much about life insurance, the different types available, or even the type of coverage they should be looking for,” says Lepore, pointing to the internet as the ultimate resource.
His website, Surevested, is just one place people can go to find a ton of free information on the subject. The site was launched with the goal of making life insurance more transparent and accessible than ever before, a mission they firmly hold to this day. The site even offers easy-to-use calculators to help couples not only know what life insurance options are available, but which ones are right for them personally.
However, if the mine of information still turns your head (trust, you are not alone), you can always chat with an impartial expert from Surevested who can guide you in the right direction when you are ready. Best of all, none of them are tied to a particular company, so they won’t make you uncomfortable or push you to choose a policy.
“Surevested removes all the stigma attached to the life insurance process,” Lepore points out. “We don’t have pushy salespeople, we don’t pass your information to a call center, and we have a variety of carriers and policy types to make the policy as unique as you are.”
She adds that buying an insurance policy, even a small one, can ensure that your loved one can continue to live in your home, pay off debts, and continue without the financial burden of your loss. And places like Surevested are here to make the process of finding the perfect police as quick and painless as possible. So, with a little research and an open mind, you can easily turn the conversation about life insurance from a touchy topic to something you wish you had done earlier so you can rest assured that you know you have the ultimate safety net for your loved ones.
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